Citigroup raises investment in ethereum-based trade finance startup Komgo

Monday 23 March 2020 11:56 CET | News

US-based bank Citi has upped its investment in the Ethereum-based decentralised trade financing startup Komgo.

In addition to increasing its equity stake in Komgo, Citi has begun integrating its trade engine with the startup’s blockchain. Komgo helps to speed up turnaround times, improve data reconciliation, and reduce the risk of fraud and human error, Komgo officials have stated.

Komgo was launched in 2018 in partnership with ConsenSys, and seeks to streamline trade financing in the commodities markets. Komgo’s platform allows equities traders, financial institutions, and trade service providers to communicate across blockchain technology. The startup has previously secured backing from a number of leading financial institutions, including ING Group, Sumitomo Mitsui Banking Corporation, and Societe Generale.

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Keywords: komgo, Citi, Citi bank, Citi Group, Ethereum, blockchain trade finance, trade finance, startup, banking, US, United States
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech